The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore on IDBI Bank, in exercise of powers vested in it under the provisions of the Banking Regulation Act, 1949, for non-compliance with the directions issued by on Income Recognition and Asset Classification (IRAC) norms.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.